The “lines in the sand” have now been clearly drawn by opposing forces (bulls/bears) and each side is defending respective lines vehemently. Those lines are 1688.00 Bulls and 1700.00 Bears.
Penetration of upper 1700 line calls for a move to 1706 -10 zone, whereas, a Violation of 1688.00 targets 1675 – 80 zone.
Today is Day 3 of Cycle which historically has high odds (83%) of range greater than 10 handles with an average range of 17.75.
Trade strategy is to continue to buy dips as long as 1688 holds and sell rallies until 1700 is penetrated. Currently the range is wide enough to play both sides…so remain disciplined to valid setups and control risk.
I am at ease with controlled risk. I will risk and I will win. I am courageous. I will take a chance. I manage risk to my comfort level. Risk keeps me on my toes, keeps me alert and at the top of my game.